台商回流之訊息宣告效果：以中國旺旺控股為例

Information Announcement Effect of Homecoming Taiwan Enterprises-A Case Study of Want Want China Holdings Ltd.

10.6132/JCM.2013.7.1.11

陳秋蓉(Chiou-Rung Chen)；黃介良(Chai-Liang Huang)；黃峰蕙(Feng-Hueih Huarng)；許張琦(Chang-Chi Hsu)

台商回流 ； 中國旺旺控股 ； 事件分析法 ； Homecoming of Taiwanese Entrepreneurs ； Want Want China Holdings Ltd ； Event Study Analysis

商業現代化學刊

7卷1期（2013 / 03 / 01）

219 - 236

繁體中文

本研究旨在探討台商回流之訊息宣告效果，以中國旺旺控股作為研究對象，採用事件分析法，以三個重要事件日驗證香港市場對旺旺回台事件之評價：（一）2008年9月9日，中國旺旺首度舉行回台上市之說明會；（二）2009年4月15日，台灣投資人詢價圈購中國旺旺TDR之首日；（三）2009年4月28日，中國旺旺回台發行TDR。研究結果發現香港市場在第一個事件日前期反應顯著正向，但由於ECFA簽訂時程尚未明朗且正值金融海嘯，另呼應效率市場假說－市場做立即修正－事件日後期轉為負向顯著；第二個事件日因兩岸正式洽簽ECFA之事宜漸露曙光，加以香港經濟漸復甦回穩，市場呈顯著樂觀；第三個事件日因接近前一事件日，市場已於當時反應完畢，所以呈持續但較微弱的正向評價。

To explore the information announcement effect of homecoming Taiwanese entrepreneurs, this research employs event study analysis to examine how Hong Kong market evaluates the homecoming event of Want Want China Holding Ltd. The three important event dates are: (1) September 9th, 2008, the first time Want Want announced to enter in Taiwan market; (2) April 15th, 2009, the first day Taiwanese investors booked building Want Want's TDR; (3)April 28th, 2009, Want Want listed its TDR. This study shows that a significantly positive abnormal returns were at the event windows before the first event date. However, due to the ambiguity of ECFA signing and the shock of global financial tsunami, also, to conform to Efficient Market Hypothesis, market makes correction at once, Hong Kong market turned to be significantly negative at the event windows after the first event date. At the second event date, with the clearing of ECFA progress and the recovering of economy, Hong Kong market reacted significantly positive. At the third event date, which was near the second one, the Hong Kong market revealed a continuing positive but relatively stable evaluation.